INC TX-HEALTH INSURANCE CREDIT

Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers who pay a private health insurance premium for coverage for themselves or for a dependent. Provides that the amount of the credit is equal to the premium paid during that taxable year up to $500 per covered individual, but not to exceed $1,000 per taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.